BSP to banks, financial institutions: Prioritize national ID as top identification

MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) ordered banks and financial institutions supervised by the central bank to place the Philippine Identification Card (PhilID) or the national ID as the top acceptable valid ID.

In a press release by the BSP on Wednesday, it said that financial institutions should “adopt enhanced measures to ensure the broad acceptance of the PhilID” whether its physical or electronic version as a valid proof of identity and age for all financial transactions. 

“BSFIs may use the PhilSys Check identity authentication tool to verify if the data stored in the QR code match the information printed on the face of the ID,” the central bank’s press release read. 

“The BSP’s memorandum is part of the ongoing program to ensure the effective implementation of the Philippine Identification System,” it added. 

The PhilID is the official government-issued ID accepted for transactions with national and local government agencies, government-owned or -controlled corporations, government financial institutions, state universities and colleges and private sector entities.

It is stipulated in Republic Act No. 11055 or the PhilSys Act and its Revised Implementing Rules and Regulations that an individual’s record in the PhilSys shall be considered as an official and sufficient proof of identity.

“The BSP has identified the national ID as a driver of financial inclusion in the country by serving as proof of identity for opening formal transaction accounts,” the BSP’s press release read.